obx sandbar living monthly market update

Hello, October!

Dazzling sunsets, breezy beach walks, and reuniting with friends after a busy summer….these are a few of my favorite things about Autumn!

Over the coming days, locals and visitors will gather to celebrate the season in myriad ways, whether it’s picking pumpkins up from the patch at Island Farm, launching kegs into the air at OBX Brewtag, or achieving a personal record at the OBX Half Marathon.

The weather is fantastic and traffic is low, so come join us, won’t you? We’d love to see you soon!

-Danielle

Outer Banks Real Estate Market-at-a-Glance for YTD September 2024

Sold and Under Contract Analysis

SINGLE FAMILY RESIDENTIAL:

  • YTD residential sales units are down 1.8% versus YTD 2023 

  • YTD residential sales dollars are up 6% vs. YTD 2023 

  • YTD median sale price was $716,250, up 11.6% vs. YTD 2023 

  • September 2024 residential sales units were down 16.5% versus September 2023 

  • Sales units September ‘24 over August ‘24 were down 11%   

  • New listing inventory for September was down 5% versus August 

  • As a comparison, new listings for September ‘24 was up 18% versus September ‘23 

  • September residential sales volume was down 11% vs. August 2024 

  • Sales units are basically flat (down 1.8%) versus last year (in spite of an 11% reduction month-over-month). Median sales prices, while weakening somewhat versus the month prior, are still up almost 12% year-over-year and with remarkable variations by town (see the chart at the bottom of the newsletter for a breakout by area).

    Let's look at month-over-month:

  • Median sale price for all Residential property sold in September was $711,500--down 9.1% versus August ‘24. 

  • September 2024's median sale price was up 8.6% versus September 2023.     

  • September ‘24 vs. September ‘23, residential properties sold 15.4% faster, and at a 8.6% higher median sold price.  

    RESIDENTIAL LOTS AND LAND:

  • YTD residential land sales units are down 30% versus YTD 2023. 

  • YTD residential land sales dollars are down 23.8% versus YTD 2023. 

  • YTD residential land median sold price is $185,850, up 3.25% versus YTD 2023. 

  • September residential land sales units were down 46% compared to September 2023. 

  • September residential land sales units were up 23% versus August 2024. 

  • September residential land sales dollars were down 56% versus September ‘23. 

  • September residential land sales dollars were down 24.3% versus August ‘24.

inventory analysis

  • New listing inventory for September 2024 was up 18% versus September 2023, and down 5% versus August’s new listings.

    • Drilling down, 152 new residential listings hit the market in September 2024, with 29% of those properties already sold or under contract.

    • Average days on market for these is 14; median days on market is 14 (last month, the average DOM was 8 and the median DOM was 6, so the rate of new listings going under contract and/or closing has slowed versus last month).

    • Most of these properties are still in “under contract” status as of October 20, 2024 (only 4 have closed). All 4 were cash transactions, and 1 disclosed multiple offers.

  • See the chart below for the full breakdown by area…

Inventory Analysis by Area YTD September 2024

If you’d like to get more hyper-local with your neighborhood or area, please feel free to contact me!

days on market and distressed data analysis

  • Average days on market for SOLD residential properties in September was 44, down 8% from August’s average of 48 days. 

  • The average home sold 15.4% faster in September 2024 (44 days) versus September ‘23 (52 days).   

  • The Median days on market in September was 27, meaning that half of the sold units did so in 27 days or less. 

  • Year over year, the average DOM for properties sold in 2024 is 52 (up from 50 days YTD 2023), meaning that the average property sold 4% slower than one year ago. 

  • Average days on market for all current ACTIVE residential listings is 96 days (up 3% versus 93 days in August). 

  • Month-over-month, the average days on market for Under Contract properties is 71 days (up 18% from 60 days in August ‘24). 

  • 29% of properties listed in September have already gone under contract or sold with an average days on market of 14. 

  • It still rings true that homes that are priced consistent with their condition and/or are located in high demand areas per the chart above are still moving quickly and with multiple offers.

  • There were 0 distressed residential listings sold in September 2024 (down from 2 in August 2024 and 1 in September 2023).

  • There were 0 distressed active residential listings as of September 30, 2024; down from 3 in August 2024 and flat to 0 in September 2023.     

Year-Over-Year Market Comparison

pricing analysis

Residential Median Sale Price for YTD 2024 was $716,250, which was up 11.6% versus the year prior.

You’ll find a breakdown by price point below:

Year-over-Year Sales Comparison by Price Point

area data at-a-glance

*Note: Of all Outer Banks towns, Duck has the highest proportion of Co-Ownerships vs. other residential property types. The median price for Duck is skewed due to a disproportionate number of co-ownerships sold; the median price for sold residential properties YTD 2024 excluding Co-Ownerships is $1,467,850.

*All market data presented is courtesy of the Outer Banks Association of REALTORS MLS Single Family Residential, Jan 1 - Sept 30, 2023 and 2024.


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